Appraisal came in at 45K less than offered. Now what will BOA do accept?,Decline?anybody experienced this before?

I made an offer 8-months ago, accepted by seller,approved by BOA and second. However now during the appraisal it comes in 45K less than offered. extension has beengranted 'til6/10 fom BOA-still waiting for second to provide extension.Really like the property and have been looking for 2-yrs. However the market seems to be declining still. Will Bank accept new offer? anybody has experience this? with such a "BIG" gap from offered price to appraised price? the seller already moved and will go into forclosure if the deal doesn't come through since the original approval expires 5/28/2010

If they accept the new offer it will be 86.6% of listing price.

My original offer was 102.0% of listing price. but 8-months later a lot of things have changed.

Suggestions, Thoughts,ideas,or experiences shared will be greatly appreciated

Views: 1120

Replies to This Discussion

Permalink Reply by Keli Amparan on May 28, 2010 at 9:27am
Nikki-

Did you get a response today? I'm still working on trying to get BoA to do something. The LA has tried all the numbers, I've emailed the Pres etc, but so far no response. The LA did go into Equator and under the closing negotiators info there was a COE date of 6/15 which is what we wanted it changed to. But we do not have a new approval letter with that COE date. We can't seem to get ahold of everyone, they're all in a training seminar, and apparently are just letting their work sit while they're 'training'.

Let me know what you find out and I'll do the same.
Keli
Permalink Reply by Nikki on May 28, 2010 at 10:47am
Hi Keli,

Nothing so far. =/. The SA was instructed to load the revised HUD settlement on Monday. Apparently they will be working on Memorial day to look into our file. We proposed a June 4th close date and we are still waiting for the approval letter.

I will let you know if I hear more...



Keli Amparan said:
Nikki-

Did you get a response today? I'm still working on trying to get BoA to do something. The LA has tried all the numbers, I've emailed the Pres etc, but so far no response. The LA did go into Equator and under the closing negotiators info there was a COE date of 6/15 which is what we wanted it changed to. But we do not have a new approval letter with that COE date. We can't seem to get ahold of everyone, they're all in a training seminar, and apparently are just letting their work sit while they're 'training'.

Let me know what you find out and I'll do the same.
Keli
Permalink Reply by Dee Catzin on June 9, 2010 at 1:44am
Nikki- What was the final response from BOA ? did they considered the new appraisal at 50K less?
I'm still waiting for a response, they have requested the appraisal and a new HUD, an addenum was also submitted to escrow with the new "Proppossed Price" and sent to BOA as well.
keep me posted and I'll do the same thing. Best of Luck!

Nikki said:
Hi Dee-

I too am in the same postion and our appraisal came in 50k less that than offered. Our timeline was due for tomorrow and we are trying to get an extension. We are suppose to receive a response today as our file has been escalated to a Sr. negotiator for three days now. I am still waiting.

I would have your SA call this number to escalate as we got through to a live person. They helped a bit to make sure our file was being escalated.

Please keep me posted on your outcome as I will do with mine. Thanks!

Office of the President/CEO for BofA:

1-704-386-5681
Permalink Reply by Nikki on June 9, 2010 at 4:47am
Hi Dee,

Our file was escalated and they would not agree to the adjusted price even though they were the ones that ordered the apprasial. We have it escalated once more so we shall we see what BOA says now. I will keep you posted.

Dee Catzin said:
Nikki- What was the final response from BOA ? did they considered the new appraisal at 50K less?
I'm still waiting for a response, they have requested the appraisal and a new HUD, an addenum was also submitted to escrow with the new "Proppossed Price" and sent to BOA as well.
keep me posted and I'll do the same thing. Best of Luck!

Nikki said:
Hi Dee-

I too am in the same postion and our appraisal came in 50k less that than offered. Our timeline was due for tomorrow and we are trying to get an extension. We are suppose to receive a response today as our file has been escalated to a Sr. negotiator for three days now. I am still waiting.

I would have your SA call this number to escalate as we got through to a live person. They helped a bit to make sure our file was being escalated.

Please keep me posted on your outcome as I will do with mine. Thanks!

Office of the President/CEO for BofA:

1-704-386-5681
Permalink Reply by Dee Catzin on June 9, 2010 at 4:54am
Nikki--
How long did it take you after you submitted the Hud and appraisal report, to get a denial answer? I'm still waiting for an answer and nothing yet.

Nikki said:
Hi Dee,

Our file was escalated and they would not agree to the adjusted price even though they were the ones that ordered the apprasial. We have it escalated once more so we shall we see what BOA says now. I will keep you posted.

Dee Catzin said:
Nikki- What was the final response from BOA ? did they considered the new appraisal at 50K less?
I'm still waiting for a response, they have requested the appraisal and a new HUD, an addenum was also submitted to escrow with the new "Proppossed Price" and sent to BOA as well.
keep me posted and I'll do the same thing. Best of Luck!

Nikki said:
Hi Dee-

I too am in the same postion and our appraisal came in 50k less that than offered. Our timeline was due for tomorrow and we are trying to get an extension. We are suppose to receive a response today as our file has been escalated to a Sr. negotiator for three days now. I am still waiting.

I would have your SA call this number to escalate as we got through to a live person. They helped a bit to make sure our file was being escalated.

Please keep me posted on your outcome as I will do with mine. Thanks!

Office of the President/CEO for BofA:

1-704-386-5681
Permalink Reply by Nikki on June 9, 2010 at 5:00am
Total wait time was two weeks or so.. they are really slow.

Dee Catzin said:
Nikki--
How long did it take you after you submitted the Hud and appraisal report, to get a denial answer? I'm still waiting for an answer and nothing yet.

Nikki said:
Hi Dee,

Our file was escalated and they would not agree to the adjusted price even though they were the ones that ordered the apprasial. We have it escalated once more so we shall we see what BOA says now. I will keep you posted.

Dee Catzin said:
Nikki- What was the final response from BOA ? did they considered the new appraisal at 50K less?
I'm still waiting for a response, they have requested the appraisal and a new HUD, an addenum was also submitted to escrow with the new "Proppossed Price" and sent to BOA as well.
keep me posted and I'll do the same thing. Best of Luck!

Nikki said:
Hi Dee-

I too am in the same postion and our appraisal came in 50k less that than offered. Our timeline was due for tomorrow and we are trying to get an extension. We are suppose to receive a response today as our file has been escalated to a Sr. negotiator for three days now. I am still waiting.

I would have your SA call this number to escalate as we got through to a live person. They helped a bit to make sure our file was being escalated.

Please keep me posted on your outcome as I will do with mine. Thanks!

Office of the President/CEO for BofA:

1-704-386-5681
Permalink Reply by Dee Catzin on June 9, 2010 at 5:02am
oh ok , Thank you! I will keep you posted if anything comes up.

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